South Korea Industrial Valve Market Research Report 2023

South Korea Industrial Valve Market Synopsis

Industrial Valve Market Size Was Valued at USD 20.82 Billion in 2022 and is Projected to Reach USD 30.61 Billion by 2030, Growing at a CAGR of 5.66% From 2023-2030.

• South Korea's industrial valve market has been an important part of the country's strong industrial sector. The rapid economic growth and technological development of South Korea have created a significant demand for valves used in various industries such as oil and gas, petrochemicals, power generation, and water treatment.
• The country's strong manufacturing capacity and export-oriented approach have also contributed to the expansion of the valve industry, making South Korea a major player in the global market.
• There is likely to be constant innovation in the market, with manufacturers focusing on developing high-performance and environmentally friendly valve solutions. In addition, strict safety and quality standards imposed both domestically and for export have affected valve design and manufacturing in the country.
• As South Korea continues to improve its industrial infrastructure and expand its global presence, the industrial valve market will continue its steady growth in 2023 and beyond, providing new opportunities for local and international valve manufacturers.

Top Key Players:

"Samson Controls Ltd. (Germany), KSB Co. Ltd. (Germany), Daejin Kogyo Co. Ltd. (South Korea), KITZ Corporation (Japan), LG Valves (South Korea), Wooyoung Engineering Co. Ltd. (South Korea), Hansung Valve Co. Ltd. (South Korea), Shinheung Precision Co. Ltd. (South Korea), Hana Metal Industrial Co. Ltd. (South Korea), LS Metal Co. Ltd. (South Korea), SMC Corporation (Japan), HAESEUNG HITECH Co. Ltd. (South Korea), MIRAE Industry Co. Ltd. (South Korea), Pusan Valve Ind. Co. Ltd. (South Korea), Youngjin Valve Co. Ltd. (South Korea), Hyodong Machine Co. Ltd. (South Korea), YOUNGDO IND. CO. LTD. (South Korea), Samyang Metal Ind. Co. Ltd. (South Korea), Kyung Jin Valve Co. Ltd. (South Korea), TAEJIN Machinery Co. Ltd. (South Korea), and other major players."

South Korea Industrial Valve Market Trend Analysis

Robust Industrial Sectors Drive Valve Demand

• South Korea's strong industrial base, which includes key industries such as petrochemicals, oil and gas, power generation, and water treatment, is a major demand driver for the industrial valve market. These industries rely heavily on various valves to control the flow of liquids and gases, regulate pressure and ensure operational efficiency. As these sectors grow and expand, the need for reliable and efficient valves increases, creating a constant demand for valve manufacturers in South Korea.
• The country's industrial growth is further supported by its reputation as a producer of cutting-edge technology and innovative solutions. South Korean valve manufacturers continuously invest in research and development to improve valve design, materials and functions to meet the changing needs of their industrial customers. This technological development, combined with the country's export-oriented approach, allows South Korean valve companies to compete on the global stage, supplying valves not only for domestic but also for international projects.

Lucrative Opportunity, Aftermarket Services

• Aftermarket services offer a profitable opportunity for valve manufacturers to improve their revenue stream and build strong customer relationships. By offering comprehensive maintenance and backup services, manufacturers can extend the life of their valves and achieve optimal performance, which ensures customer satisfaction and loyalty.
• Building long-term customer relationships through aftermarket services promotes brand loyalty and trust. When manufacturers prioritize customer satisfaction and provide timely and efficient service support, customers are more likely to choose them for future valve purchases and recommend their products to other industry participants.
• Valve manufacturers should also recognize the potential for continued revenue from aftermarket services. Because industrial operations rely heavily on valves for critical processes, customers are likely to require regular maintenance and spare parts throughout the life of their equipment. By strategically investing in and promoting aftermarket services, valve manufacturers can ensure a steady revenue stream after the initial sale and position themselves for long-term success in a competitive market.

South Korean Industrial Valve Market Segment Analysis

South Korea Industrial Valve Market segments cover the Type, Material, Size, Application, and Function. By Application, the Oil and gas segment is Anticipated to Dominate the Market Over the Forecast Period.

• The oil and gas segment of South Korea's industrial valve market plays a key role in supporting the country's energy needs and position as a major global player in the oil industry. The demand for valves in this segment is mainly due to the significant oil refining and petrochemical industries in the country.
• South Korea has several large refineries and petrochemical complexes that require various valves, such as ball valves, gate valves, and check valves, to regulate and control the flow of various liquids and gases during production processes. These valves are critical to the safe and efficient operation of refineries and chemical plants.
• South Korea's strong export orientation in the oil and gas sector will increase the demand for industrial valves, as these facilities require high-quality and reliable valves to meet international safety and quality standards. To take advantage of this demand, South Korean valve manufacturers often focus on technological development, offering innovative solutions that improve the efficiency and safety of the oil and gas industry.

South Korea Industrial Valve Market Country Analysis

Gyeonggi is Expected to Dominate the Market Over the Forecast Period.

• Gyeonggi province in South Korea is a major industrial center with a thriving valve market. Located near the capital Seoul, Gyeonggi is strategically located to attract many industries, including petrochemical, electronics, automotive, and more.
• The strong industrial base of the region increases the need for various valves to control and regulate the flow of liquid and gas in various processes. Valve applications range from directing raw material and chemical flows in factories to controlling water and wastewater treatment in the region's expanding infrastructure projects.
• Gyeonggi's proximity to the busy port of Incheon and well-developed transportation infrastructure facilitate the import and export of industrial valves, making it an important business center for valve manufacturers and suppliers. In addition, Gyeonggi's local manufacturing industry benefits from the presence of a skilled workforce, advanced technology, and research and development facilities to produce high-quality valves for various industrial needs.

COVID-19 Impact Analysis on South Korea Industrial Valve Market

• The COVID-19 pandemic has had several negative effects on the South Korean industrial valve market. One of the most significant impacts has been the disruption of global supply chains. As South Korea is a major exporter and depends on importing some components, the pandemic has caused delays in the supply of raw materials and parts, causing production blocks and reduced production capacity.
• Another adverse effect of the pandemic was a slowdown in industrial activity. Many industries in South Korea, including oil and gas, petrochemicals and manufacturing, have experienced temporary shutdowns or reduced activity due to lockdown measures and social distancing. As a result, the demand for industrial valves decreased significantly, which affected the sales and turnover of valve companies.
• The pandemic has also hindered communication between companies and fairs, limiting the opportunities for valve manufacturers to network and present their products to potential customers. Travel restrictions and security concerns have prevented face-to-face meetings and visits, which are essential to building and maintaining business relationships.

Top Key Players Covered in The South Korea Industrial Valve Market

• Samson Controls Ltd. (Germany)
• KSB Co. Ltd. (Germany)
• Daejin Kogyo Co. Ltd. (South Korea)
• KITZ Corporation (Japan)
• LG Valves (South Korea)
• Wooyoung Engineering Co. Ltd. (South Korea)
• Hansung Valve Co. Ltd. (South Korea)
• Shinheung Precision Co. Ltd. (South Korea)
• Hana Metal Industrial Co. Ltd. (South Korea)
• LS Metal Co. Ltd. (South Korea)
• SMC Corporation (Japan)
• HAESEUNG HITECH Co. Ltd. (South Korea)
• MIRAE Industry Co. Ltd. (South Korea)
• Pusan Valve Ind. Co. Ltd. (South Korea)
• Youngjin Valve Co. Ltd. (South Korea)
• Hyodong Machine Co. Ltd. (South Korea)
• YOUNGDO IND. CO. LTD. (South Korea)
• Samyang Metal Ind. Co. Ltd. (South Korea)
• Kyung Jin Valve Co. Ltd. (South Korea)
• TAEJIN Machinery Co. Ltd. (South Korea)

Key Industry Developments in the South Korea Industrial Valve Market

In August 2022, SAMSON announced that it is expanding its product range with a new focus on SAM DIGITAL. The company aims to improve the safety and reliability of process plants while addressing important future issues such as sustainability and the energy transition. This strategic focus on SAM DIGITAL is a sign of SAMSON's commitment to providing innovative solutions that meet the changing needs of the industry.